Altcoin

Poloniex Spins Out From Circle to Form New Exchange Not Available in US

single-image

bitbond bitcoin lending

United States-based crypto exchange Poloniex is spinning out from Circle to form a new exchange that will not support trading for customers based in the U.S.

New firm receives backing from Asian investment group

The new independent firm, called Polo Digital Assets, will free Poloniex from its parent company Circle, the firm said in an official announcement on Oct. 18. Per Poloniex, this will allow it to focus on the needs of global crypto traders with new features, assets and services to boost its competitiveness in the market.

In a separate blog post, Circle said that Polo received backing from an unspecified Asian investment group.

As part of the move, the firm plans to spend $100 million on the business during the next few years and will reduce all spot trading fees to 0% until the end of 2019, starting from Oct. 21.

Leaving the U.S. market

However, the firm will have to sacrifice its U.S. market to be competitive globally Poloniex wrote. According to the announcement, Polo Digital Assets will not be available for U.S. customers, and Circle will be shutting down operations for U.S.-based Poloniex clients.

Starting on Nov. 1, 2019, U.S. customers will no longer be able to execute trades on the exchange. Once trading is ended, U.S. users will still be able to withdraw their assets through Circle until at least December 15, 2019, the firm said.

Circle cuts several projects in September

As previously reported, Circle acquired Poloniex in February 2018 for $400 million. In late September, Circle announced its decision to pause its weekly crypto market research product Circle Research, following the termination of its payment app Circle Pay on Sept. 30. The firm claimed that it wanted to develop new financial products such as new wallet services and facilitate digital currency adoption through Poloniex.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Bitcoin

Exchange CEO Forecasts Crypto Market Uptick in Coming Weeks

single-image

bitbond bitcoin lending

As the world sits in flux between coronavirus and financial market concerns, AAX crypto exchange CEO, Thor Chan, thinks cryptocurrencies will ultimately make out ok.

“During a period of intense panic, many investors fled the markets in search of cash, or to defend their positions elsewhere,” Chan told The Merkle in a March 30 interview, referencing recent plunging crypto and mainstream markets. “Cryptocurrency markets suffered together with all other markets,” he continued, adding:

“But over the coming weeks and months, as governments cut interest rates, I think we will see the crypto markets surging.”

All markets have fallen during the coronavirus pandemic

Over the past month or so, in the face of the coronavirus pandemic, mainstream markets suffered carnage comparable to the market crash of 1987, as well as the 2008…


View More Article
Ethereum

John McAfee Offers $500 in ETH-based DAI for Post-Apocalyptic Photos

single-image

bitbond bitcoin lending

Famed altcoin advocate, John McAfee, has put up a $500 reward in the Ethereum based stablecoin, DAI, for the best original photo taken in the midst of the coronavirus lockdown.

The sea-bound computer programmer asked for pictures of vacant highways and cities from people who are still able to leave their homes for essential supplies and activities. McAfee tweeted:

“Those able to leave your homes during quarantine … (to buy food or get medical care, etc.) … Take photos of interesting aspects of your vacant cities, highways, etc. $500 in DAI crypto paid for the best photo (Chosen by @theemrsmcafee next week) Just drop photos here:)”

Submissions began to flood McAfee’s feed within minutes of the tweet. One Twitter user posted this pic of a herd of goats prowling around a quiet neighbourhood:

View More Article
Blockchain

South African National Blockchain Alliance Holds Online Launch

single-image

bitbond bitcoin lending

The South African National Blockchain Alliance carried out an online livestream launch while the country is in the midst of a 21-day lockdown to curb the spread of the coronavirus pandemic. The organization was due to be launched at the beginning of April in Johannesburg but had to be taken online as South Africa and the world tackles a global health crisis.

The launch happened during a livestream on YouTube on April 3, which included a panel of speakers elaborating on how SANBA will help nurture blockchain-focused startups and companies that are developing capabilities using the technology.

Bringing parties together

SANBA has been set up by the Council for Scientific and Industrial Research and its subsidiary, the Office for Digital Advantage. These bodies fall under the jurisdiction of the Department of Science and Innovation.

Akhona Damane heads up the project and said that…


View More Article
Blockchain

150-Year-Old Chinese Gas Company Ramps Up Blockchain Adoption

single-image

bitbond bitcoin lending

Chinese energy company, Shanghai Gas, announced an expansion of its blockchain efforts following a successful trial partnership with supply chain management blockchain firm, VeChain (VET), on March 31.

Shanghai Gas, founded in 1865, is owned by utility services company, Shenergy Group — which claims to occupy more than 90% of Shanghai’s gas market. The firm has an annual supply of over 8 billion cubic meters.

Shanghai Gas expands blockchain adoption

Shanghai Gas’ trial used distributed ledger technology, or DLT, provided by VeChain to comprehensively monitor its supply chain and identify opportunities for efficiency savings and reduced operational costs.

The expanded partnership will see Shanghai Gas build “a trust-free ‘Energy-as-a-Service’ ecosystem” in partnership with VeChain and electricity provider ENN Energy Holdings.

ENN generates electricity for 17 provinces, more than 16 million residential dwellings, and…


View More Article
Bitcoin

Crypto Traders Allegedly Involved in a $35m Ponzi Scheme

single-image

bitbond bitcoin lending

Three alleged cryptocurrency traders ran a Ponzi scheme which scammed more than 100 investors for over $35 million, according to a lawsuit filed by an entity formed by the victims in a federal court of Florida, United States.

According to an announcement published on April 2, Q3 Investment Recovery Vehicle, who represents defrauded investors, accused the trio of alleged crypto traders of cheating victims by promising them a winning trading formula. 

Former NYSE and Wells Fargo workers among the accused 

The federal securities fraud case names three individuals as the primary perpetrators of the scheme. They include James Seijas, who worked as a financial advisor for Wells Fargo until March 2019, Quan Tran, a surgeon, and Michael Ackerman, who was a New York Stock Exchange institutional broker. These three are thought to…


View More Article
Blockchain

As Malta Delays Regulatory Clarity, Fewer Firms Remain on ‘Blockchain Island’

single-image

bitbond bitcoin lending

It seems that Malta is becoming both less popular among and less populated with crypto firms. The European Union country attracted dozens of industry players in 2018 on the back of the “blockchain island” agenda championed by the local government, but the relevant framework has not yet proven to be effective. Meanwhile, the official rhetoric apparently started to shift away from the blockchain sector, as the government now aims to consolidate it with “other niche sectors.”

Meanwhile, the Malta Financial Services Authority, continues to pluck out non-registered crypto agents — be it the world’s top crypto exchange or smaller startups. But in reality, no businesses have been licensed under the blockchain framework yet, despite it being released in the summer of 2018. As a result, a number of companies have decided to leave the island over the past months. So, who is currently…


View More Article
Bitcoin

Bitcoin Bulls Can Take BTC Price to $8K Amid Report $10 Oil Inevitable

single-image

bitbond bitcoin lending

Bitcoin (BTC) was pushing to flip $7,000 resistance to support on April 3 amid warnings that oil markets really will hit $10 a barrel this month.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Media: $10 oil could last the whole Q2

Data from Coin360 and Cointelegraph Markets tracked multiple attempts by Bitcoin bulls to push the market definitively over the $7,000 mark on Thursday and Friday.

At press time, all those attempts had failed to deliver support, with BTC/USD in each case falling back to the high $6,000 range.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin 1-day price chart. Source: Coin360

Bitcoin surged higher earlier on…

View More Article